Softbank set up fund to invest in media content
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SEOUL, April 3 (Reuters) - KT Corp. (030200.KS: Quote, Profile, Research), South Korea’s dominant fixed-line and broadband operators, said Wednesday that he was accompanied Japanese telecommunications and Internet, the group Soft Bank (9984. T: Quote, Profile, Research), and invest in new media. KT and the Softbank group initially invest 20 billion won ($ 20.5 million), each of the new funds that focus on the development of new and the content security. KT plans to inject more than 23 billion won in securing media content. KT, 91 per cent of South Korea, the fixed network and 45 percent of the broadband market, the clientele is looking for future gains in the Internet Protocol TV, television and interactive services to large band. KT said that the new funds are managed by Softbank ventures in Korea, participation in the funding of education and entertainment programming and to safeguard their commercial rights, onto the Internet and Mobile TV. KT shares closed 1.8 percent, only a better result from the broader market, 1.2%. KT faces increasing competition as SK Telecom (017670.KS: Quote, Profile, Research), the country early mobile operators, which recently control of rival broadband and IPTV provider hanarotelecom (033630.KQ: Quote , Profile, Research). KT was the victim in January a decrease of 30 percent in the first quarter, due to higher earnings marketing costs. Softbank, Japan, operates No. 3 mobile operators, also has stakes in Yahoo Inc. (YHOO.O: Quote, Profile, Research) and Yahoo Japan (4689.T: Quote, Profile, Research). ($ 1 = 974.3) (Won Reporting by Marie-France Han; Editing Keiron Henderson) |